The Nassau County Industrial Development Agency’s last week approved an economic development compact for a proposed $77 million transit-oriented apartment project in downtown Mineola.

Nassau County Executive Edward P. Mangano said the project, “in the heart of Mineola, brings additional housing opportunities while generating millions in economic benefits for downtown shops and restaurants in Mineola and Garden City and central Nassau’s concentration of employers, retail and cultural venues.”

Over the past the five years, the Nassau IDA has assisted in the construction of 1,350 new residential units, including 325 workforce and affordable units.

This compact, approved by the IDA board at its Nov. 9 meeting, allows Mineola Metro—an affiliate of Lake Success-based Lalezarian Properties—to construct a 266-unit apartment building at 199 2nd St. The project includes 27 affordable apartments, underground parking, ground-floor retail space and a village green—all in close proximity to the Mineola Long Island Rail Road Station and the NICE Bus hub. A Citibank branch and parking lot will be razed to allow for construction of the 311,500-square-foot horseshoe-shaped project. The replacement structure is estimated to generate nearly $32 million in economic benefits for the county, $5.8 million in new taxes, over 20 years.

Construction of the apartment complex, expected to start in February 2016 and take 21 months, will result in the creation of 160 full-time equivalent construction jobs and, ultimately, result in the creation of 18 permanent full-time equivalent jobs. The project has been approved by the Village of Mineola, which also supports the economic development compact.

Joseph Kearney, executive director of the IDA, said, “This project will help meet the substantial unmet demand for affordable housing as well as market-rate rentals in Nassau County. Moreover, it will further the Village of Mineola’s downtown revitalization efforts.”